Nevertheless, organisations involved in the property market fear that the sudden increase in property availability due to more repossessions will lead to a sudden drop in prices.
 According to data released by the Land Registry, title deeds in July climbed to 407 properties compared to 254 in 2013, marking a 15% annual increase.


In June the increase reached 51% but in May the rise climbed to 157% due to the low threshold last year and the incentives given to secure Cypriot nationality.
All towns except Paphos presented an increase with the largest rise reaching 47% in Famagusta where title deeds went from 126 to 185.


Limassol presented a 44% rise in the first seven months reaching 807 title deeds up from 559 and marking the largest number of property sales.
Between January and July 2014 sales came to 2,620 up from 2,133 last year marking a 24% jump.


Nicosia sales also marked a 27% increase with sales coming to 490 up from 385, despite the 31% drop in July sales.
Larnaca sales showed a 23% rise to 443 up from 359 in the first seven months of 2013.
In Paphos purchases dropped by 1% to 695 down from 704 last year.


Although the increase is a result of domestic demand, there also seems to be increased foreign interest in the property market.
 The Land Registry data shows that from January to July 2014 property sales to foreigners marked a 14.4% increase reaching 693 up from 606 in the corresponding period last year.


Foreign interest is focused mainly on properties in Paphos and Limassol.

Source: InCyprus